EX-99.2

Condensed Consolidated Statement of Earnings (unaudited)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(US$ millions, except per share amounts)	2025			2024			2025			2024

Revenues
Product and service revenues (1)	$	1,731		$	1,775		$	5,460		$	5,562
Sales of purchased product (1)		289			403			1,149			1,196
Gains (losses) on risk management, net		26			128			97			151
Sublease revenues		20			18			55			55
Total Revenues		2,066			2,324			6,761			6,964

Operating Expenses
Production, mineral and other taxes		72			86			232			258
Transportation and processing		452			408			1,285			1,240
Operating		220			235			644			715
Purchased product		278			392			1,120			1,165
Depreciation, depletion and amortization		545			599			1,646			1,745
Impairments		141			-			871			-
Accretion of asset retirement obligation		7			5			21			14
Administrative		78			72			247			250
Total Operating Expenses		1,793			1,797			6,066			5,387
Operating Income (Loss)		273			527			695			1,577

Other (Income) Expenses
Interest		91			103			283			306
Foreign exchange (gain) loss, net		(7	)		17			25			(21	)
Other (gains) losses, net		(3	)		(151	)		(11	)		(160	)
Total Other (Income) Expenses		81			(31	)		297			125
Net Earnings (Loss) Before Income Tax		192			558			398			1,452
Income tax expense (recovery)		44			51			102			267
Net Earnings (Loss)	$	148		$	507		$	296		$	1,185

Net Earnings (Loss) per Share of Common Stock
Basic	$	0.58		$	1.93		$	1.14		$	4.45
Diluted		0.57			1.92			1.13			4.41
Weighted Average Shares of Common Stock Outstanding (millions)
Basic		256.2			262.1			258.6			266.0
Diluted		258.1			264.0			260.8			268.7

(1)

See Note 3 of the Interim Condensed Consolidated Financial Statements included in Part I, Item 1 of Ovintiv’s Quarterly Report on Form 10-Q regarding the reclassification of the Company’s previously reported Market Optimization segment.

Condensed Consolidated Statement of Comprehensive Income (unaudited)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(US$ millions)	2025			2024			2025			2024

Net Earnings (Loss)	$	148		$	507		$	296		$	1,185
Other Comprehensive Income (Loss), Net of Tax
Foreign currency translation adjustment		(73	)		44			129			(63	)
Pension and other post-employment benefit plans		(1	)		(1	)		(3	)		(4	)
Other Comprehensive Income (Loss)		(74	)		43			126			(67	)
Comprehensive Income (Loss)	$	74		$	550		$	422		$	1,118

Condensed Consolidated Balance Sheet (unaudited)


	As at			As at
	September 30,			December 31,
(US$ millions)	2025			2024

Assets
Current Assets
Cash and cash equivalents	$	25		$	42
Accounts receivable and accrued revenues (net of allowances
of $6 million (2024: $5 million))		1,059			1,183
Risk management		77			108
Income tax receivable		13			36
		1,174			1,369
Property, Plant and Equipment, at cost:
Oil and natural gas properties, based on full cost accounting
Proved properties		69,102			66,009
Unproved properties		489			764
Other		862			865
Property, plant and equipment		70,453			67,638
Less: Accumulated depreciation, depletion and amortization		(56,330	)		(53,274	)
Property, plant and equipment, net		14,123			14,364
Other Assets		1,296			965
Risk Management		2			-
Deferred Income Taxes		227			10
Goodwill		2,566			2,546
	$	19,388		$	19,254

Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable and accrued liabilities	$	1,678		$	1,883
Current portion of operating lease liabilities		112			82
Income tax payable		28			9
Risk management		-			107
Current portion of long-term debt		819			600
		2,637			2,681
Long-Term Debt		4,393			4,853
Operating Lease Liabilities		1,105			737
Other Liabilities and Provisions		132			114
Risk Management		22			21
Asset Retirement Obligation		433			315
Deferred Income Taxes		432			202
		9,154			8,923

Shareholders’ Equity
Share capital - authorized 775 million shares of stock
2025 issued and outstanding: 253.3 million shares (2024: 260.4 million shares)		3			3
Paid in surplus		7,758			8,045
Retained earnings		1,570			1,506
Accumulated other comprehensive income		903			777
Total Shareholders’ Equity		10,234			10,331
	$	19,388		$	19,254

Condensed Consolidated Statement of Cash Flows (unaudited)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(US$ millions)	2025			2024			2025			2024

Operating Activities
Net earnings (loss)	$	148		$	507		$	296		$	1,185
Depreciation, depletion and amortization		545			599			1,646			1,745
Impairments		141			-			871			-
Accretion of asset retirement obligation		7			5			21			14
Deferred income taxes		30			21			19			182
Unrealized (gain) loss on risk management		20			(31	)		12			61
Unrealized foreign exchange (gain) loss		(2	)		16			(45	)		(12	)
Foreign exchange (gain) loss on settlements		-			(2	)		(41	)		(9	)
Other		6			(137	)		33			(128	)
Net change in other assets and liabilities		(7	)		19			(29	)		(35	)
Net change in non-cash working capital		(76	)		25			(85	)		(302	)
Cash From (Used in) Operating Activities		812			1,022			2,698			2,701

Investing Activities
Capital expenditures		(544	)		(538	)		(1,682	)		(1,751	)
Acquisitions		31			(7	)		(2,282	)		(202	)
Corporate acquisition		-			-			-			12
Proceeds from divestitures		26			3			1,922			7
Net change in investments and other		34			26			136			16
Cash From (Used in) Investing Activities		(453	)		(516	)		(1,906	)		(1,918	)

Financing Activities
Net issuance (repayment) of revolving debt		(121	)		(210	)		360			140
Repayment of long-term debt		-			-			(600	)		-
Purchase of shares of common stock		(160	)		(163	)		(307	)		(597	)
Dividends on shares of common stock		(77	)		(78	)		(232	)		(238	)
Finance lease payments and other		-			(2	)		(21	)		(32	)
Cash From (Used in) Financing Activities		(358	)		(453	)		(800	)		(727	)

Foreign Exchange Gain (Loss) on Cash, Cash Equivalents
and Restricted Cash Held in Foreign Currency		4			(2	)		(9	)		-

Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash		5			51			(17	)		56
Cash, Cash Equivalents and Restricted Cash, Beginning of Period		20			8			42			3
Cash, Cash Equivalents and Restricted Cash, End of Period	$	25		$	59		$	25		$	59

Cash, End of Period	$	15		$	9		$	15		$	9
Cash Equivalents, End of Period		10			-			10			-
Restricted Cash, End of Period		-			50			-			50
Cash, Cash Equivalents and Restricted Cash, End of Period	$	25		$	59		$	25		$	59

Supplemental Financial Information (unaudited)

Financial Results


		2025												2024
(US$ millions, unless otherwise specified)		Year-to- date			Q3			Q2			Q1			Year			Q4			Q3 Year- to-Date			Q3			Q2			Q1

Net Earnings (Loss)			296			148			307			(159	)		1,125			(60	)		1,185			507			340			338

	Per share - basic (1)		1.14			0.58			1.19			(0.61	)		4.25			(0.23	)		4.45			1.93			1.28			1.25
	Per share - diluted (1)		1.13			0.57			1.18			(0.61	)		4.21			(0.23	)		4.41			1.92			1.27			1.24

Non-GAAP Adjusted Earnings (2)			902			267			265			370			1,560			351			1,209			489			331			389

	Per share - basic (1)		3.49			1.04			1.02			1.42			5.90			1.35			4.55			1.87			1.24			1.44
	Per share - diluted (1)		3.46			1.03			1.02			1.42			5.83			1.35			4.50			1.85			1.23			1.43

Non-GAAP Cash Flow (3)			2,812			895			913			1,004			4,042			1,004			3,038			978			1,025			1,035

	Per share - basic (1)		10.87			3.49			3.53			3.86			15.28			3.86			11.42			3.73			3.85			3.84
	Per share - diluted (1)		10.78			3.47			3.51			3.86			15.12			3.86			11.31			3.70			3.82			3.80

Foreign Exchange Rates (C$ per US$1)
	Average		1.399			1.377			1.384			1.435			1.370			1.398			1.360			1.364			1.368			1.349
	Period end		1.392			1.392			1.364			1.438			1.439			1.439			1.350			1.350			1.369			1.355

Non-GAAP Adjusted Earnings Summary

Net Earnings (Loss) Before Income Tax			398			192			399			(193	)		1,351			(101	)		1,452			558			466			428
Before-tax (Addition) Deduction:
	Unrealized gain (loss) on risk management		(12	)		(20	)		54			(46	)		(136	)		(75	)		(61	)		31			8			(100	)
	Impairments		(871	)		(141	)		-			(730	)		(450	)		(450	)		-			-			-			-
	Non-operating foreign exchange gain (loss)		86			2			(3	)		87			6			(14	)		20			(16	)		11			25
Adjusted Earnings (Loss) Before Income Tax			1,195			351			348			496			1,931			438			1,493			543			447			503
	Income tax expense (recovery) (4)		293			84			83			126			371			87			284			54			116			114

Non-GAAP Adjusted Earnings (2)			902			267			265			370			1,560			351			1,209			489			331			389

Non-GAAP Cash Flow Summary

Cash From (Used in) Operating Activities			2,698			812			1,013			873			3,721			1,020			2,701			1,022			1,020			659
(Add back) Deduct:
	Net change in other assets and liabilities		(29	)		(7	)		(11	)		(11	)		(74	)		(39	)		(35	)		19			(42	)		(12	)
	Net change in non-cash working capital		(85	)		(76	)		111			(120	)		(247	)		55			(302	)		25			37			(364	)

Non-GAAP Cash Flow (3)			2,812			895			913			1,004			4,042			1,004			3,038			978			1,025			1,035

(1)

Net Earnings (Loss), Non-GAAP Adjusted Earnings and Non-GAAP Cash Flow per share are calculated using the weighted average number of shares of common stock outstanding as follows:


		2025								2024
(millions)		Year-to- date		Q3		Q2		Q1		Year		Q4		Q3 Year- to-Date		Q3		Q2		Q1

Weighted Average Shares of Common Stock Outstanding

	Basic		258.6		256.2		259.0		260.4		264.6		260.3		266.0		262.1		266.2		269.7

	Diluted		260.8		258.1		260.1		260.4		267.4		260.3		268.7		264.0		268.1		272.3

(2)

Non-GAAP Adjusted Earnings is a non-GAAP measure defined as net earnings (loss) excluding non-cash items that management believes reduces the comparability of the Company’s financial performance between periods. These items may include, but are not limited to, unrealized gains/losses on risk management, impairments, non‑operating foreign exchange gains/losses, and gains/losses on divestitures. Income taxes includes adjustments to normalize the effect of income taxes calculated using the estimated annual effective income tax rate. In addition, any valuation allowances are excluded in the calculation of income taxes.

(3)

Non-GAAP Cash Flow is a non-GAAP measure defined as cash from (used in) operating activities excluding net change in other assets and liabilities, and net change in non-cash working capital.

(4)

Calculated using the applicable U.S. federal and state statutory income tax rate of 21.75 percent and the applicable Canadian federal and provincial statutory income tax rate of 23.7 percent (2024 - 21.75 percent and 23.7 percent, respectively).

Financial Metrics

      
     Year-to-
date

     Year

     Debt to Capitalization

     34%

     35%

     Debt to Adjusted Capitalization (1)

     22%

     23%

     Debt to EBITDA (1)

     1.8x

     1.3x

     Debt to Adjusted EBITDA (1)

     1.2x

     1.2x

(1)

Debt to Adjusted Capitalization, Debt to EBITDA and Debt to Adjusted EBITDA are non-GAAP measures monitored by management as indicators of the Company’s overall financial strength. Non-GAAP measures are defined and calculated in the Non-GAAP Definitions and Reconciliations document following this Supplemental Information report.

Supplemental Operating Information (unaudited)

Production Volumes by Product


				2025								2024
(average)		% of Oil & NGLs		Year-to- date		Q3		Q2		Q1		Year		Q4		Q3 Year- to-Date		Q3		Q2		Q1

	Oil (Mbbls/d)		47		143.3		137.6		142.0		150.5		168.3		167.1		168.7		168.4		167.3		170.4
	NGLs - Plant Condensate (Mbbls/d)		22		66.3		74.2		69.2		55.2		42.9		42.6		43.0		44.0		44.6		40.5
Oil & Plant Condensate (Mbbls/d)			69		209.6		211.8		211.2		205.7		211.2		209.7		211.7		212.4		211.9		210.9
	Butane (Mbbls/d)		7		23.0		23.6		23.3		22.2		21.2		21.5		21.1		21.6		21.3		20.6
	Propane (Mbbls/d)		12		35.7		37.4		36.3		33.1		34.7		34.5		34.8		35.0		35.3		34.0
	Ethane (Mbbls/d)		12		35.3		36.7		35.9		33.4		34.9		34.1		35.1		36.0		35.4		33.8
NGLs - Other (Mbbls/d)			31		94.0		97.7		95.5		88.7		90.8		90.1		91.0		92.6		92.0		88.4
Oil & NGLs (Mbbls/d)			100		303.6		309.5		306.7		294.4		302.0		299.8		302.7		305.0		303.9		299.3

Natural Gas (MMcf/d)					1,847		1,925		1,851		1,764		1,698		1,680		1,704		1,725		1,740		1,648

Total (MBOE/d)					611.5		630.4		615.3		588.3		585.0		579.9		586.7		592.6		593.8		573.8

Production Volumes by Segment


		2025								2024
(average)		Year-to- date		Q3		Q2		Q1		Year		Q4		Q3 Year- to-Date		Q3		Q2		Q1

Oil (Mbbls/d)
	USA Operations		142.9		137.0		141.6		150.3		167.9		166.6		168.3		168.0		166.8		170.2
	Canadian Operations		0.4		0.6		0.4		0.2		0.4		0.5		0.4		0.4		0.5		0.2
			143.3		137.6		142.0		150.5		168.3		167.1		168.7		168.4		167.3		170.4

NGLs - Plant Condensate (Mbbls/d)
	USA Operations		11.1		11.7		11.4		10.3		11.2		11.6		11.1		11.7		10.9		10.6
	Canadian Operations		55.2		62.5		57.8		44.9		31.7		31.0		31.9		32.3		33.7		29.9
			66.3		74.2		69.2		55.2		42.9		42.6		43.0		44.0		44.6		40.5

Oil & Plant Condensate (Mbbls/d)
	USA Operations		154.0		148.7		153.0		160.6		179.1		178.2		179.4		179.7		177.7		180.8
	Canadian Operations		55.6		63.1		58.2		45.1		32.1		31.5		32.3		32.7		34.2		30.1
			209.6		211.8		211.2		205.7		211.2		209.7		211.7		212.4		211.9		210.9

NGLs - Other (Mbbls/d)
	USA Operations		75.1		77.9		76.8		70.4		75.8		75.1		76.0		77.7		75.7		74.6
	Canadian Operations		18.9		19.8		18.7		18.3		15.0		15.0		15.0		14.9		16.3		13.8
			94.0		97.7		95.5		88.7		90.8		90.1		91.0		92.6		92.0		88.4

NGLs - Total (Mbbls/d)
	USA Operations		86.2		89.6		88.2		80.7		87.0		86.7		87.1		89.4		86.6		85.2
	Canadian Operations		74.1		82.3		76.5		63.2		46.7		46.0		46.9		47.2		50.0		43.7
			160.3		171.9		164.7		143.9		133.7		132.7		134.0		136.6		136.6		128.9

Oil & NGLs (Mbbls/d)
	USA Operations		229.1		226.6		229.8		231.0		254.9		253.3		255.4		257.4		253.4		255.4
	Canadian Operations		74.5		82.9		76.9		63.4		47.1		46.5		47.3		47.6		50.5		43.9
			303.6		309.5		306.7		294.4		302.0		299.8		302.7		305.0		303.9		299.3

Natural Gas (MMcf/d)
	USA Operations		510		512		508		510		537		548		533		543		531		526
	Canadian Operations		1,337		1,413		1,343		1,254		1,161		1,132		1,171		1,182		1,209		1,122
			1,847		1,925		1,851		1,764		1,698		1,680		1,704		1,725		1,740		1,648

Total (MBOE/d)
	USA Operations		314.2		311.9		314.7		315.9		344.4		344.7		344.3		348.0		341.9		343.0
	Canadian Operations		297.3		318.5		300.6		272.4		240.6		235.2		242.4		244.6		251.9		230.8
			611.5		630.4		615.3		588.3		585.0		579.9		586.7		592.6		593.8		573.8

Supplemental Financial & Operating Information (unaudited)

Results of Operations

Revenues and Realized Gains (Losses) on Risk Management


		2025								2024
(US$ millions)		Year-to- date		Q3		Q2		Q1		Year			Q4			Q3 Year- to-Date			Q3		Q2			Q1

USA Operations

Revenues, excluding Realized Gains (Losses) on Risk Management (1)
	Oil		2,641		835		831		975		4,549			1,041			3,508			1,135		1,192			1,181
	NGLs (2)		531		164		177		190		740			196			544			180		176			188
	Natural Gas		345		96		104		145		318			103			215			63		55			97
			3,517		1,095		1,112		1,310		5,607			1,340			4,267			1,378		1,423			1,466
Realized Gains (Losses) on Risk Management (3)
	Oil		13		4		9		-		(34	)		(1	)		(33	)		-		(25	)		(8	)
	NGLs (2)		3		3		-		-		4			-			4			2		1			1
	Natural Gas		2		2		-		-		145			21			124			42		51			31
			18		9		9		-		115			20			95			44		27			24

Canadian Operations

Revenues, excluding Realized Gains (Losses) on Risk Management (1)
	Oil		7		3		2		2		10			2			8			3		4			1
	NGLs (2)		1,093		403		367		323		992			238			749			249		271			234
	Natural Gas		822		221		274		327		741			214			524			142		150			235
			1,922		627		643		652		1,743			454			1,289			394		425			470
Realized Gains (Losses) on Risk Management (3)
	Oil		-		-		-		-		-			-			-			-		-			-
	NGLs (2)		-		-		-		-		(1	)		(1	)		-			-		-			-
	Natural Gas		91		37		24		30		153			40			113			53		38			22
			91		37		24		30		152			39			113			53		38			22

(1)

Excludes other revenues with no associated production volumes.

(2)

Includes plant condensate.

(3)

Excludes realized gains or losses from other derivative contracts with no associated production volumes and foreign exchange risk management positions.

Supplemental Financial & Operating Information (unaudited)

Results of Operations (continued)

Per-Unit Results, Excluding the Impact of Realized Gains (Losses) on Risk Management (1)


		2025								2024
(US$/BOE)		Year-to- date		Q3		Q2		Q1		Year		Q4		Q3 Year- to-Date		Q3		Q2		Q1

Total USA Operations Netback
	Price		40.99		38.17		38.81		46.02		44.39		42.20		45.12		42.97		45.61		46.85
	Production, mineral and other taxes		2.52		2.29		2.36		2.91		2.53		2.27		2.62		2.55		2.74		2.56
	Transportation and processing		3.89		3.74		4.01		3.92		4.04		4.03		4.04		4.02		4.05		4.07
	Operating		6.02		6.07		6.03		5.97		6.34		6.02		6.45		6.02		6.58		6.77
	Netback		28.56		26.07		26.41		33.22		31.48		29.88		32.01		30.38		32.24		33.45

Total Canadian Operations Netback
	Price		23.66		21.39		23.47		26.59		19.67		20.84		19.29		17.39		18.40		22.30
	Production, mineral and other taxes		0.19		0.20		0.21		0.16		0.16		0.16		0.17		0.15		0.17		0.17
	Transportation and processing		11.37		11.35		11.40		11.37		11.85		12.09		11.77		12.00		11.37		11.96
	Operating		1.47		1.39		1.56		1.46		1.24		1.02		1.31		1.55		1.18		1.19
	Netback		10.63		8.45		10.30		13.60		6.42		7.57		6.04		3.69		5.68		8.98

Total Operations Netback
	Price		32.57		29.69		31.32		37.03		34.22		33.53		34.45		32.41		34.08		36.97
	Production, mineral and other taxes		1.39		1.24		1.31		1.64		1.56		1.41		1.60		1.56		1.65		1.60
	Transportation and processing		7.53		7.59		7.62		7.36		7.25		7.30		7.24		7.31		7.15		7.25
	Operating		3.81		3.71		3.84		3.89		4.24		3.99		4.33		4.17		4.29		4.52
	Netback		19.84		17.15		18.55		24.14		21.17		20.83		21.28		19.37		20.99		23.60

(1)

Netback is a common metric used in the oil and gas industry to measure operating performance on a per-unit basis and is considered a non-GAAP measure. The netbacks disclosed above have been calculated on a BOE basis using upstream product revenues, excluding the impact of realized gains and losses on risk management, less costs associated with delivering the product to market, including production, mineral and other taxes, upstream transportation and processing expense and upstream operating expense. For additional information regarding non-GAAP measures, including Netback reconciliations, see the Non-GAAP Definitions and Reconciliations document following this Supplemental Information report.

Other Per-Unit Results


		2025								2024
(US$/BOE)		Year-to- date		Q3		Q2		Q1		Year		Q4		Q3 Year- to-Date		Q3		Q2		Q1

Administrative Expense			1.48		1.34		1.37		1.75		1.71		2.16		1.55		1.33		1.41		1.95
Administrative Expense, Excluding Long-Term Incentive,
	Restructuring, and Legal Costs		1.23		1.17		1.19		1.36		1.32		1.38		1.31		1.24		1.28		1.43

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics

Per-Unit Prices, Excluding the Impact of Realized Gains (Losses) on Risk Management


		2025								2024
(US$)		Year-to- date		Q3		Q2		Q1		Year		Q4		Q3 Year- to-Date		Q3		Q2		Q1

Oil Price ($/bbl)
	USA Operations		67.59		66.23		64.50		71.79		73.90		68.01		75.86		73.23		78.20		76.17
	Canadian Operations		65.37		64.35		63.42		71.46		70.38		65.05		72.90		71.07		74.86		72.34
	Total Operations		67.58		66.22		64.50		71.79		73.90		68.00		75.85		73.23		78.19		76.17

NGLs - Plant Condensate Price ($/bbl)
	USA Operations		52.69		49.67		50.76		58.35		57.83		57.34		58.01		56.73		59.43		57.97
	Canadian Operations		64.19		62.81		62.76		68.02		71.97		69.20		72.88		71.13		75.61		71.70
	Total Operations		62.26		60.73		60.79		66.22		68.28		65.97		69.05		67.30		71.66		68.10

Oil & Plant Condensate Price ($/bbl)
	USA Operations		66.51		64.92		63.48		70.93		72.90		67.31		74.75		72.16		77.05		75.10
	Canadian Operations		64.20		62.82		62.77		68.04		71.95		69.14		72.88		71.13		75.60		71.71
	Total Operations		65.90		64.30		63.28		70.30		72.75		67.59		74.47		72.00		76.82		74.62

NGLs - Other Price ($/bbl)
	USA Operations		18.10		15.46		17.52		21.70		18.02		19.51		17.52		16.44		16.84		19.35
	Canadian Operations		24.24		22.62		21.44		28.92		27.45		27.75		27.35		26.97		25.36		30.13
	Total Operations		19.34		16.91		18.28		23.21		19.57		20.88		19.14		18.13		18.35		21.03

NGLs - Total Price ($/bbl)
	USA Operations		22.57		19.93		21.81		26.40		23.15		24.57		22.67		21.73		22.20		24.16
	Canadian Operations		53.99		53.16		52.68		56.71		57.69		55.71		58.35		57.22		59.21		58.59
	Total Operations		37.08		35.83		36.14		39.71		35.21		35.35		35.17		33.99		35.74		35.82

Oil & NGLs Price ($/bbl)
	USA Operations		50.66		47.92		48.11		55.97		56.57		53.10		57.72		55.35		59.09		58.79
	Canadian Operations		54.05		53.24		52.73		56.76		57.80		55.81		58.46		57.34		59.35		58.65
	Total Operations		51.49		49.34		49.27		56.14		56.76		53.52		57.84		55.66		59.13		58.77

Natural Gas Price ($/Mcf)
	USA Operations		2.48		2.04		2.26		3.15		1.62		2.00		1.49		1.29		1.16		2.02
	Canadian Operations		2.25		1.70		2.24		2.91		1.73		2.04		1.63		1.29		1.36		2.30
	Total Operations		2.32		1.79		2.24		2.98		1.70		2.03		1.59		1.29		1.30		2.21

Total Price ($/BOE)
	USA Operations		40.99		38.17		38.81		46.02		44.39		42.20		45.12		42.97		45.61		46.85
	Canadian Operations		23.66		21.39		23.47		26.59		19.67		20.84		19.29		17.39		18.40		22.30
	Total Operations		32.57		29.69		31.32		37.03		34.22		33.53		34.45		32.41		34.08		36.97

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics (continued)

Per-Unit Impact of Realized Gains (Losses) on Risk Management


		2025								2024
(US$)		Year-to- date		Q3		Q2		Q1		Year			Q4			Q3 Year- to-Date			Q3		Q2			Q1

Oil ($/bbl)
	USA Operations		0.34		0.29		0.73		-		(0.55	)		(0.07	)		(0.71	)		-		(1.62	)		(0.51	)
	Canadian Operations		-		-		-		-		-			-			-			-		-			-
	Total Operations		0.34		0.29		0.73		-		(0.55	)		(0.07	)		(0.70	)		-		(1.61	)		(0.51	)

NGLs - Plant Condensate ($/bbl)
	USA Operations		-		-		-		-		-			-			-			-		-			-
	Canadian Operations		-		-		-		-		(0.05	)		(0.22	)		-			-		-			-
	Total Operations		-		-		-		-		(0.04	)		(0.16	)		-			-		-			-

Oil & Plant Condensate ($/bbl)
	USA Operations		0.32		0.27		0.67		-		(0.52	)		(0.06	)		(0.66	)		-		(1.52	)		(0.48	)
	Canadian Operations		-		-		-		-		-			-			-			-		-			-
	Total Operations		0.23		0.19		0.49		-		(0.44	)		(0.09	)		(0.56	)		-		(1.27	)		(0.42	)

NGLs - Other ($/bbl)
	USA Operations		0.16		0.39		-		-		0.15			-			0.18			0.24		0.15			0.15
	Canadian Operations		-		-		-		-		-			-			-			-		-			-
	Total Operations		0.12		0.31		-		-		0.13			-			0.15			0.20		0.12			0.13

NGLs - Total ($/bbl)
	USA Operations		0.13		0.34		-		-		0.13			-			0.16			0.21		0.13			0.13
	Canadian Operations		-		-		-		-		(0.04	)		(0.15	)		-			-		-			-
	Total Operations		0.08		0.18		-		-		0.07			(0.01	)		0.10			0.13		0.08			0.09

Oil & NGLs ($/bbl)
	USA Operations		0.26		0.31		0.47		-		(0.32	)		(0.02	)		(0.41	)		0.07		(1.02	)		(0.30	)
	Canadian Operations		-		-		-		-		(0.04	)		(0.15	)		-			-		-			-
	Total Operations		0.20		0.23		0.35		-		(0.27	)		(0.04	)		(0.35	)		0.06		(0.85	)		(0.26	)

Natural Gas ($/Mcf)
	USA Operations		0.01		0.04		-		-		0.74			0.41			0.84			0.83		1.05			0.65
	Canadian Operations		0.25		0.29		0.20		0.26		0.36			0.38			0.35			0.48		0.35			0.22
	Total Operations		0.18		0.22		0.14		0.18		0.47			0.39			0.50			0.59		0.56			0.35

Total ($/BOE)
	USA Operations		0.21		0.28		0.34		-		0.91			0.64			1.00			1.35		0.87			0.77
	Canadian Operations		1.12		1.28		0.87		1.22		1.73			1.83			1.70			2.32		1.69			1.03
	Total Operations		0.65		0.79		0.59		0.56		1.25			1.12			1.29			1.76		1.21			0.87

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics (continued)

Per-Unit Results, Including the Impact of Realized Gains (Losses) on Risk Management


		2025								2024
(US$)		Year-to- date		Q3		Q2		Q1		Year		Q4		Q3 Year- to-Date		Q3		Q2		Q1

Oil Price ($/bbl)
	USA Operations		67.93		66.52		65.23		71.79		73.35		67.94		75.15		73.23		76.58		75.66
	Canadian Operations		65.37		64.35		63.42		71.46		70.38		65.05		72.90		71.07		74.86		72.34
	Total Operations		67.92		66.51		65.23		71.79		73.35		67.93		75.15		73.23		76.58		75.66

NGLs - Plant Condensate Price ($/bbl)
	USA Operations		52.69		49.67		50.76		58.35		57.83		57.34		58.01		56.73		59.43		57.97
	Canadian Operations		64.19		62.81		62.76		68.02		71.92		68.98		72.88		71.13		75.61		71.70
	Total Operations		62.26		60.73		60.79		66.22		68.24		65.81		69.05		67.30		71.66		68.10

Oil & Plant Condensate Price ($/bbl)
	USA Operations		66.83		65.19		64.15		70.93		72.38		67.25		74.09		72.16		75.53		74.62
	Canadian Operations		64.20		62.82		62.77		68.04		71.95		69.14		72.88		71.13		75.60		71.71
	Total Operations		66.13		64.49		63.77		70.30		72.31		67.50		73.91		72.00		75.55		74.20

NGLs - Other Price ($/bbl)
	USA Operations		18.26		15.85		17.52		21.70		18.17		19.51		17.70		16.68		16.99		19.50
	Canadian Operations		24.24		22.62		21.44		28.92		27.45		27.75		27.35		26.97		25.36		30.13
	Total Operations		19.46		17.22		18.28		23.21		19.70		20.88		19.29		18.33		18.47		21.16

NGLs - Total Price ($/bbl)
	USA Operations		22.70		20.27		21.81		26.40		23.28		24.57		22.83		21.94		22.33		24.29
	Canadian Operations		53.99		53.16		52.68		56.71		57.65		55.56		58.35		57.22		59.21		58.59
	Total Operations		37.16		36.01		36.14		39.71		35.28		35.34		35.27		34.12		35.82		35.91

Oil & NGLs Price ($/bbl)
	USA Operations		50.92		48.23		48.58		55.97		56.25		53.08		57.31		55.42		58.07		58.49
	Canadian Operations		54.05		53.24		52.73		56.76		57.76		55.66		58.46		57.34		59.35		58.65
	Total Operations		51.69		49.57		49.62		56.14		56.49		53.48		57.49		55.72		58.28		58.51

Natural Gas Price ($/Mcf)
	USA Operations		2.49		2.08		2.26		3.15		2.36		2.41		2.33		2.12		2.21		2.67
	Canadian Operations		2.50		1.99		2.44		3.17		2.09		2.42		1.98		1.77		1.71		2.52
	Total Operations		2.50		2.01		2.38		3.16		2.17		2.42		2.09		1.88		1.86		2.56

Total Price ($/BOE)
	USA Operations		41.20		38.45		39.15		46.02		45.30		42.84		46.12		44.32		46.48		47.62
	Canadian Operations		24.78		22.67		24.34		27.81		21.40		22.67		20.99		19.71		20.09		23.33
	Total Operations		33.22		30.48		31.91		37.59		35.47		34.65		35.74		34.17		35.29		37.84

Total Netback ($/BOE)
	USA Operations		28.77		26.35		26.75		33.22		32.39		30.52		33.01		31.73		33.11		34.22
	Canadian Operations		11.75		9.73		11.17		14.82		8.15		9.40		7.74		6.01		7.37		10.01
	Total Operations		20.49		17.94		19.14		24.70		22.42		21.95		22.57		21.13		22.20		24.47

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play


		2025								2024
(average)		Year-to- date		Q3		Q2		Q1		Year		Q4		Q3 Year- to-Date		Q3		Q2		Q1

Oil Production (Mbbls/d)

USA Operations
	Permian		119.3		113.8		118.3		126.0		119.6		117.9		120.1		117.9		117.5		124.9
	Anadarko		21.8		23.1		23.2		18.9		21.9		21.1		22.2		21.0		21.2		24.4
	Other (1)		1.8		0.1		0.1		5.4		26.4		27.6		26.0		29.1		28.1		20.9
Total USA Operations			142.9		137.0		141.6		150.3		167.9		166.6		168.3		168.0		166.8		170.2

Canadian Operations
	Montney		0.4		0.6		0.4		0.2		0.4		0.5		0.4		0.4		0.5		0.2
	Other (1)		-		-		-		-		-		-		-		-		-		-
Total Canadian Operations			0.4		0.6		0.4		0.2		0.4		0.5		0.4		0.4		0.5		0.2


Total			143.3		137.6		142.0		150.5		168.3		167.1		168.7		168.4		167.3		170.4


NGLs - Plant Condensate Production (Mbbls/d)

USA Operations
	Permian		5.8		6.0		6.1		5.3		5.2		5.6		5.2		5.6		5.2		4.7
	Anadarko		5.3		5.7		5.3		4.9		5.6		5.5		5.6		5.6		5.5		5.6
	Other (1)		-		-		-		0.1		0.4		0.5		0.3		0.5		0.2		0.3
Total USA Operations			11.1		11.7		11.4		10.3		11.2		11.6		11.1		11.7		10.9		10.6

Canadian Operations
	Montney		55.1		62.5		57.7		44.6		31.6		30.9		31.8		32.2		33.6		29.8
	Other (1)		0.1		-		0.1		0.3		0.1		0.1		0.1		0.1		0.1		0.1
Total Canadian Operations			55.2		62.5		57.8		44.9		31.7		31.0		31.9		32.3		33.7		29.9


Total			66.3		74.2		69.2		55.2		42.9		42.6		43.0		44.0		44.6		40.5


Oil & Plant Condensate Production (Mbbls/d)

USA Operations
	Permian		125.1		119.8		124.4		131.3		124.8		123.5		125.3		123.5		122.7		129.6
	Anadarko		27.1		28.8		28.5		23.8		27.5		26.6		27.8		26.6		26.7		30.0
	Other (1)		1.8		0.1		0.1		5.5		26.8		28.1		26.3		29.6		28.3		21.2
Total USA Operations			154.0		148.7		153.0		160.6		179.1		178.2		179.4		179.7		177.7		180.8

Canadian Operations
	Montney		55.5		63.1		58.1		44.8		32.0		31.4		32.2		32.6		34.1		30.0
	Other (1)		0.1		-		0.1		0.3		0.1		0.1		0.1		0.1		0.1		0.1
Total Canadian Operations			55.6		63.1		58.2		45.1		32.1		31.5		32.3		32.7		34.2		30.1


Total			209.6		211.8		211.2		205.7		211.2		209.7		211.7		212.4		211.9		210.9

(1)

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)


		2025									2024
(average)		Year-to- date		Q3		Q2			Q1		Year		Q4		Q3 Year- to-Date		Q3		Q2		Q1

NGLs - Other Production (Mbbls/d)

USA Operations
	Permian		45.6		45.9		46.3			44.5		42.1		43.0		41.7		43.1		41.6		40.3
	Anadarko		29.4		32.0		30.6			25.7		31.9		29.6		32.7		32.5		32.8		32.9
	Other (1)		0.1		-		(0.1	)		0.2		1.8		2.5		1.6		2.1		1.3		1.4
Total USA Operations			75.1		77.9		76.8			70.4		75.8		75.1		76.0		77.7		75.7		74.6

Canadian Operations
	Montney		18.9		19.8		18.7			18.3		15.0		15.0		15.0		14.9		16.3		13.8
	Other (1)		-		-		-			-		-		-		-		-		-		-
Total Canadian Operations			18.9		19.8		18.7			18.3		15.0		15.0		15.0		14.9		16.3		13.8


Total			94.0		97.7		95.5			88.7		90.8		90.1		91.0		92.6		92.0		88.4


NGLs - Total Production (Mbbls/d)

USA Operations
	Permian		51.4		51.9		52.4			49.8		47.3		48.6		46.9		48.7		46.8		45.0
	Anadarko		34.7		37.7		35.9			30.6		37.5		35.1		38.3		38.1		38.3		38.5
	Other (1)		0.1		-		(0.1	)		0.3		2.2		3.0		1.9		2.6		1.5		1.7
Total USA Operations			86.2		89.6		88.2			80.7		87.0		86.7		87.1		89.4		86.6		85.2

Canadian Operations
	Montney		74.0		82.3		76.4			62.9		46.6		45.9		46.8		47.1		49.9		43.6
	Other (1)		0.1		-		0.1			0.3		0.1		0.1		0.1		0.1		0.1		0.1
Total Canadian Operations			74.1		82.3		76.5			63.2		46.7		46.0		46.9		47.2		50.0		43.7


Total			160.3		171.9		164.7			143.9		133.7		132.7		134.0		136.6		136.6		128.9


Oil & NGLs Production (Mbbls/d)

USA Operations
	Permian		170.7		165.7		170.7			175.8		166.9		166.5		167.0		166.6		164.3		169.9
	Anadarko		56.5		60.8		59.1			49.5		59.4		56.2		60.5		59.1		59.5		62.9
	Other (1)		1.9		0.1		-			5.7		28.6		30.6		27.9		31.7		29.6		22.6
Total USA Operations			229.1		226.6		229.8			231.0		254.9		253.3		255.4		257.4		253.4		255.4

Canadian Operations
	Montney		74.4		82.9		76.8			63.1		47.0		46.4		47.2		47.5		50.4		43.8
	Other (1)		0.1		-		0.1			0.3		0.1		0.1		0.1		0.1		0.1		0.1
Total Canadian Operations			74.5		82.9		76.9			63.4		47.1		46.5		47.3		47.6		50.5		43.9


Total			303.6		309.5		306.7			294.4		302.0		299.8		302.7		305.0		303.9		299.3

(1)

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)


		2025								2024
(average)		Year-to- date		Q3		Q2		Q1		Year		Q4		Q3 Year- to-Date		Q3		Q2		Q1

Natural Gas Production (MMcf/d)

USA Operations
	Permian		259		267		263		248		236		248		231		243		232		220
	Anadarko		246		245		245		247		265		260		267		264		269		267
	Other (1)		5		-		-		15		36		40		35		36		30		39
Total USA Operations			510		512		508		510		537		548		533		543		531		526

Canadian Operations
	Montney		1,335		1,413		1,342		1,251		1,152		1,131		1,159		1,182		1,203		1,093
	Other (1)		2		-		1		3		9		1		12		-		6		29
Total Canadian Operations			1,337		1,413		1,343		1,254		1,161		1,132		1,171		1,182		1,209		1,122


Total			1,847		1,925		1,851		1,764		1,698		1,680		1,704		1,725		1,740		1,648


Total Production (MBOE/d)

USA Operations
	Permian		214.0		210.2		214.5		217.1		206.1		207.8		205.5		207.3		203.0		206.3
	Anadarko		97.4		101.6		99.9		90.7		103.6		99.6		105.0		103.1		104.4		107.5
	Other (1)		2.8		0.1		0.3		8.1		34.7		37.3		33.8		37.6		34.5		29.2
Total USA Operations			314.2		311.9		314.7		315.9		344.4		344.7		344.3		348.0		341.9		343.0

Canadian Operations
	Montney		296.9		318.4		300.3		271.6		239.0		235.0		240.3		244.5		250.8		225.8
	Other (1)		0.4		0.1		0.3		0.8		1.6		0.2		2.1		0.1		1.1		5.0
Total Canadian Operations			297.3		318.5		300.6		272.4		240.6		235.2		242.4		244.6		251.9		230.8


Total			611.5		630.4		615.3		588.3		585.0		579.9		586.7		592.6		593.8		573.8

(1)

Other Operations includes production volumes from plays that are not part of the Company’s current focus. Production volumes associated with Uinta were included in USA Other Operations until the asset was divested on January 22, 2025. Canadian Other Operations primarily included natural gas volumes in Horn River until the asset was divested on January 22, 2025.

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)


		2025										2024
(US$ millions)		Year-to- date		Q3			Q2			Q1		Year			Q4			Q3 Year- to-Date		Q3		Q2		Q1

Capital Expenditures, Excluding Capitalized Internal Costs

USA Operations
	Permian		871		298			246			327		1,336			347			989		350		361		278
	Anadarko		250		90			77			83		108			28			80		51		23		6
	Other (1)		21		2			1			18		290			44			246		22		88		136
Total USA Operations			1,142		390			324			428		1,734			419			1,315		423		472		420

Canadian Operations
	Montney		436		119			166			151		408			95			313		79		108		126
	Other (1)		1		-			(1	)		2		(2	)		(2	)		-		-		-		-
Total Canadian Operations			437		119			165			153		406			93			313		79		108		126

Total Capital Expenditures, Excluding Capitalized Internal Costs			1,579		509			489			581		2,140			512			1,628		502		580		546

Capitalized Directly Attributable Internal Costs

USA Operations
	Permian		63		21			19			23		96			23			73		24		23		26
	Anadarko		17		5			6			6		10			1			9		3		3		3
	Other (1)		2		-			1			1		28			7			21		7		6		8
Total USA Operations			82		26			26			30		134			31			103		34		32		37

Canadian Operations
	Montney		17		7			5			5		22			5			17		1		9		7
	Other (1)		-		-			-			-		-			-			-		-		-		-
Total Canadian Operations			17		7			5			5		22			5			17		1		9		7

Total Capitalized Directly Attributable Internal Costs			99		33			31			35		156			36			120		35		41		44

Total Capital Expenditures

USA Operations
	Permian		934		319			265			350		1,432			370			1,062		374		384		304
	Anadarko		267		95			83			89		118			29			89		54		26		9
	Other (1)		23		2			2			19		318			51			267		29		94		144
Total USA Operations			1,224		416			350			458		1,868			450			1,418		457		504		457

Canadian Operations
	Montney		453		126			171			156		430			100			330		80		117		133
	Other (1)		1		-			(1	)		2		(2	)		(2	)		-		-		-		-
Total Canadian Operations			454		126			170			158		428			98			330		80		117		133

Corporate & Other			4		2			1			1		7			4			3		1		1		1
Total Capital Expenditures			1,682		544			521			617		2,303			552			1,751		538		622		591
Net Acquisitions & (Divestitures)			360		(57	)		(9	)		426		198			3			195		4		3		188
Net Capital Investment			2,042		487			512			1,043		2,501			555			1,946		542		625		779

(1)

Other Operations includes capital expenditures in plays that are not part of the Company’s current focus. Capital expenditures associated with Uinta were included in USA Other Operations until the asset was divested on January 22, 2025.

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)


		2025								2024
		Year-to- date		Q3		Q2		Q1		Year		Q4		Q3 Year- to-Date		Q3		Q2		Q1

Drilling Activity (net wells drilled)

USA Operations
	Permian		87		30		21		36		167		40		127		50		45		32
	Anadarko		29		7		15		7		17		4		13		7		6		-
	Other (1)		1		-		-		1		20		4		16		-		1		15
Total USA Operations			117		37		36		44		204		48		156		57		52		47

Canadian Operations
	Montney		60		20		19		21		64		18		46		12		13		21
Total Canadian Operations			60		20		19		21		64		18		46		12		13		21


Total			177		57		55		65		268		66		202		69		65		68

Completions Activity (net wells on production)

USA Operations
	Permian		106		30		23		53		135		42		93		32		40		21
	Anadarko		35		14		11		10		9		-		9		9		-		-
	Other (1)		-		-		-		-		27		-		27		11		7		9
Total USA Operations			141		44		34		63		171		42		129		52		47		30

Canadian Operations
	Montney		76		19		39		18		68		13		55		11		33		11
Total Canadian Operations			76		19		39		18		68		13		55		11		33		11


Total			217		63		73		81		239		55		184		63		80		41

(1)

Other Operations includes net wells drilled and net wells on production in plays that are not part of the Company’s current focus. Net wells drilled and net wells on production associated with Uinta were included in USA Other Operations until the asset was divested on January 22, 2025.

For the period ended September 30, 2025

(US$ millions, except per share amounts or as indicated)

Non-GAAP Cash Flow, Non-GAAP Cash Flow Per Share (CFPS), Non-GAAP Free Cash Flow and Non-GAAP Free Cash Flow Per Share (FCFPS) - Non-GAAP Cash Flow is defined as cash from (used in) operating activities excluding net change in other assets and liabilities, and net change in non-cash working capital. Non-GAAP CFPS is Non-GAAP Cash Flow divided by the weighted average number of shares of common stock outstanding. Non-GAAP Free Cash Flow is defined as Non-GAAP Cash Flow in excess of capital expenditures, excluding net acquisitions and divestitures. Non-GAAP FCFPS is Non-GAAP Free Cash Flow divided by the weighted average number of shares of common stock outstanding. Management believes these measures are useful to the Company and its investors as a measure of operating and financial performance across periods and against other companies in the industry, and are an indication of the Company’s ability to generate cash to finance capital programs, to service debt and to meet other financial obligations. These measures are used, along with other measures, in the calculation of certain performance targets for the Company’s management and employees.


Non-GAAP Cash Flow			Q3 2025				YTD 2025

Cash From (Used in) Operating Activities		$		812		$		2,698
Deduct (Add back):
	Net change in other assets and liabilities			(7	)			(29	)
	Net change in non-cash working capital			(76	)			(85	)
Non-GAAP Cash Flow		$		895		$		2,812

Per Share - Basic		$		3.49		$		10.87
Per Share - Diluted				3.47				10.78

Non-GAAP Free Cash Flow

Non-GAAP Cash Flow		$		895		$		2,812
Deduct:
	Capital expenditures			544				1,682
Non-GAAP Free Cash Flow		$		351		$		1,130

Non-GAAP Adjusted Earnings - is defined as Net Earnings (Loss) excluding non-cash items that management believes reduces the comparability of the Company’s financial performance between periods. These items may include, but are not limited to, unrealized gains/losses on risk management, impairments, non-operating foreign exchange gains/losses, and gains/losses on divestitures. Income taxes includes adjustments to normalize the effect of income taxes calculated using the estimated annual effective income tax rate. In addition, any valuation allowances are excluded in the calculation of income taxes.


Non-GAAP Adjusted Earnings			Q3 2025				YTD 2025

Net Earnings (Loss) Before Income Tax		$		192		$		398
Before-tax (Addition) Deduction:
	Unrealized gain (loss) on risk management			(20	)			(12	)
	Impairments			(141	)			(871	)
	Non-operating foreign exchange gain (loss)			2				86
Adjusted Earnings (Loss) Before Income Tax				351				1,195
	Income tax expense (recovery)			84				293
Non-GAAP Adjusted Earnings		$		267		$		902

Per Share - Basic		$		1.04		$		3.49
Per Share - Diluted				1.03				3.46

Debt to Capitalization - Capitalization includes debt and total shareholders’ equity. Debt to Capitalization is monitored by management as an indicator of the Company’s overall financial strength.


Debt to Capitalization		YTD 2025

Long-Term Debt, Including Current Portion	$		5,212
Total Shareholders’ Equity			10,234
Capitalization	$		15,446

Debt to Capitalization		34%

Debt to Adjusted Capitalization - Debt to Adjusted Capitalization is a non-GAAP measure and is a proxy for Ovintiv’s financial covenant under the Company’s credit facilities which require Debt to Adjusted Capitalization to be less than 60 percent. Adjusted Capitalization includes debt, total shareholders’ equity and an equity adjustment for cumulative historical ceiling test impairments recorded as at December 31, 2011 in conjunction with the Company’s January 1, 2012 adoption of U.S. GAAP.


Debt to Adjusted Capitalization		YTD 2025

Long-Term Debt, Including Current Portion	$		5,212
Total Shareholders’ Equity			10,234
Equity Adjustment for Impairments at December 31, 2011			7,746
Adjusted Capitalization	$		23,192

Debt to Adjusted Capitalization		22%

EBITDA, Debt to EBITDA, Adjusted EBITDA and Debt to Adjusted EBITDA (Leverage Ratio/Target) - EBITDA is defined as trailing 12-month net earnings (loss) before income taxes, DD&A, and interest. Adjusted EBITDA is defined as EBITDA adjusted for impairments, accretion of asset retirement obligation, unrealized gains/losses on risk management, foreign exchange gains/losses, gains/losses on divestitures and other gains/losses. Debt to EBITDA and Debt to Adjusted EBITDA are non-GAAP measures monitored by management as an indicator of the Company’s overall financial strength.


			Q4 2024				Q1 2025				Q2 2025			Q3 2025			Trailing 12- Months

Long-Term Debt, Including Current Portion																$		5,212

Net Earnings (Loss)		$		(60	)	$		(159	)	$		307	$		148	$		236
Add back (deduct):
	Depreciation, depletion and amortization			545				545				556			545			2,191
	Interest			106				97				95			91			389
	Income tax expense (recovery)			(41	)			(34	)			92			44			61
EBITDA		$		550		$		449		$		1,050	$		828	$		2,877

Debt to EBITDA (times)																		1.8


			Q4 2024				Q1 2025				Q2 2025				Q3 2025				Trailing 12- Months

Long-Term Debt, Including Current Portion																		$		5,212

Net Earnings (Loss)		$		(60	)	$		(159	)	$		307		$		148		$		236
Add back (deduct):
	Depreciation, depletion and amortization			545				545				556				545				2,191
	Impairments			450				730				-				141				1,321
	Accretion of asset retirement obligation			5				6				8				7				26
	Interest			106				97				95				91				389
	Unrealized (gains) losses on risk management			75				46				(54	)			20				87
	Foreign exchange (gain) loss, net			2				10				22				(7	)			27
	Other (gains) losses, net			(5	)			(3	)			(5	)			(3	)			(16	)
	Income tax expense (recovery)			(41	)			(34	)			92				44				61
Adjusted EBITDA		$		1,077		$		1,238		$		1,021		$		986		$		4,322

Debt to Adjusted EBITDA (times)																				1.2

Net Debt - Net Debt is defined as long-term debt, including the current portion, less cash and cash equivalents.


Net Debt			YTD 2025

Long-Term Debt, Including Current Portion		$		5,212
Less:
	Cash and cash equivalents			25
Net Debt		$		5,187

Operating Margin/Operating Netback - Product revenues less costs associated with delivering the product to market, including production, mineral and other taxes, transportation and processing and operating expenses. When presented on a per BOE basis, Operating Netback is defined as indicated divided by average barrels of oil equivalent sales volumes. Operating Margin/Operating Netback is used by management as an internal measure of the profitability of a play.

Upstream Operating Cash Flow, excluding Risk Management and Upstream Operating Free Cash Flow - Upstream Operating Cash Flow, excluding Risk Management is a measure that adjusts the USA and Canadian Operations revenues for production, mineral and other taxes, transportation and processing expense, operating expense and the impacts of realized risk management activities. It is calculated as total upstream operating income excluding upstream depreciation, depletion and amortization, and the impact of risk management activities. Upstream Operating Free Cash Flow is defined as Upstream Operating Cash Flow, excluding Risk Management, in excess of upstream capital investment, excluding net acquisitions and divestitures. Management monitors these measures as they reflect operating performance and measure the amount of cash generated from the Company’s upstream operations.

Return on Capital Employed (ROCE) - ROCE is defined as Adjusted Earnings divided by Capital Employed. Adjusted Earnings is defined as trailing 12-month Non-GAAP Adjusted Earnings plus after-tax interest expense. Non-GAAP Adjusted Earnings is defined as Net Earnings (Loss) excluding non-cash items that management believes reduces the comparability of the Company’s financial performance between periods. These items may include, but are not limited to, unrealized gains/losses on risk management, impairments, non-operating foreign exchange gains/losses, and gains/losses on divestitures. Income taxes, includes adjustments to normalize the effect of income taxes calculated using the estimated annual effective income tax rate. In addition, any valuation allowances are excluded in the calculation of income taxes. Capital Employed is defined as average debt plus average shareholders’ equity.

Netback Calculation

Netback is a common metric used in the oil and gas industry to measure operating performance on a per-unit basis and is considered a non-GAAP measure. The netbacks disclosed below have been calculated on a BOE basis using upstream product revenues, excluding the impact of realized gains and losses on risk management, less costs associated with delivering the product to market, including production, mineral and other taxes, upstream transportation and processing expense and upstream operating expense.


Selected Financial Data (1)

			2025								2024
(US$ millions)			Year-to- Date		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
USA Operations
	Upstream Product Revenue (2) (3)			3,517		1,095		1,112		1,310		5,607		1,340		1,378		1,423		1,466
	Production, mineral and other taxes			216		66		67		83		319		72		82		85		80
	Transportation and processing			334		108		114		112		510		128		129		126		127
	Operating			515		173		173		169		799		190		193		205		211
				2,452		748		758		946		3,979		950		974		1,007		1,048
Canadian Operations
	Upstream Product Revenue (2) (3)			1,922		627		643		652		1,743		454		394		425		470
	Production, mineral and other taxes			16		6		6		4		14		3		4		4		3
	Transportation and processing			923		332		312		279		1,043		262		270		260		251
	Operating			120		42		42		36		109		22		36		26		25
				863		247		283		333		577		167		84		135		191
Total Operations
	Upstream Product Revenue (2) (3)			5,439		1,722		1,755		1,962		7,350		1,794		1,772		1,848		1,936
	Production, mineral and other taxes			232		72		73		87		333		75		86		89		83
	Transportation and processing			1,257		440		426		391		1,553		390		399		386		378
	Operating			635		215		215		205		908		212		229		231		236
				3,315		995		1,041		1,279		4,556		1,117		1,058		1,142		1,239

(1)		Segmented financial information per the notes to Ovintiv's financial statements and/or management's discussion and analysis.
(2)		Excludes the impact of realized gains and losses on risk management.
(3)		Excludes service revenues, certain other revenues and royalty adjustments with no associated production volumes.

Sales Volumes (1)

			2025								2024
(BOE)			Year-to- Date		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
USA Operations				85,811,271		28,696,548		28,635,880		28,478,970		126,001,722		31,667,596		32,027,500		31,141,019		31,165,771
Canadian Operations				81,171,090		29,297,952		27,360,151		24,512,940		88,059,600		21,638,124		22,502,832		22,919,260		20,999,433
Total				166,982,361		57,994,500		55,996,031		52,991,910		214,061,322		53,305,720		54,530,332		54,060,279		52,165,204

(1)		Numbers may not add due to the calculation of volumes, which is based on sales volumes per day on a BOE basis times the number of days in the period.

Calculated Operating Netback, excluding the Impact of Realized Gains (Losses) on Risk Management (1)

			2025								2024 (2)
(US$/BOE)			Year-to- Date		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
Total USA Operations
	Price			40.99		38.16		38.83		46.00		44.40		42.22		42.96		45.60		46.88
	Production, mineral and other taxes			2.52		2.30		2.34		2.91		2.53		2.27		2.56		2.73		2.57
	Transportation and processing			3.89		3.76		3.98		3.93		4.05		4.04		4.03		4.05		4.07
	Operating			6.00		6.03		6.04		5.93		6.34		6.00		6.03		6.58		6.77
	Netback			28.57		26.07		26.47		33.22		31.48		29.90		30.35		32.24		33.47
Total Canadian Operations
	Price			23.68		21.40		23.50		26.60		19.67		20.84		17.38		18.41		22.29
	Production, mineral and other taxes			0.20		0.20		0.22		0.16		0.16		0.14		0.18		0.17		0.14
	Transportation and processing			11.37		11.33		11.40		11.38		11.84		12.11		12.00		11.34		11.95
	Operating			1.48		1.43		1.54		1.47		1.24		1.02		1.60		1.13		1.19
	Netback			10.63		8.43		10.34		13.58		6.43		7.58		3.60		5.76		9.00
Total Operations
	Price			32.57		29.69		31.34		37.02		34.22		33.54		32.40		34.07		36.98
	Production, mineral and other taxes			1.39		1.24		1.30		1.64		1.56		1.41		1.58		1.65		1.59
	Transportation and processing			7.53		7.59		7.61		7.38		7.25		7.32		7.32		7.14		7.25
	Operating			3.80		3.71		3.84		3.87		4.24		3.98		4.20		4.27		4.52
Netback				19.85		17.16		18.59		24.14		21.17		20.84		19.31		21.01		23.62

(1)		May not add due to rounding. Ovintiv calculates reported netbacks using whole dollars and sales volumes. Accordingly, the calculations above may differ from the reported netbacks due to the effects of rounding both dollars and volumes.
(2)		As part of the Company's reassessment of its reporting segments (see Note 3 of the Interim Condensed Consolidated Financial Statements included in Part I, Item 1 of Ovintiv's Quarterly Report on Form 10-Q), intercompany marketing fees formerly transacted between operating segments are excluded from the Selected Financial Data table above but included in the reported netbacks. For the year ended December 31, 2024, intercompany marketing fees totaled $24 million, and for the quarterly periods presented, they ranged from $5 million to $7 million.


Ovintiv Inc.	1	Supplemental Information (prepared in US$)


Ovintiv Inc.	2	Supplemental Information (prepared in US$)


Ovintiv Inc.	3	Supplemental Information (prepared in US$)


Ovintiv Inc.	4	Supplemental Information (prepared in US$)